ING drops variable home loan rates to new lows

By Tom Watson · Friday, 25 September 2020 · 1 min read

Fact Checked

man-in-orange-skivvy-looking-at-phone-and-smiling

ING has reduced the interest rates on two of its most popular home loans by 10 basis points in a move which takes the online lender’s owner-occupier variable rates to new lows.

Coming into effect today, ING cut the rates on both its Mortgage Simplifier and Orange Advantage (Package) products by 10 basis points, leaving the lowest rates currently available on the loans at:

Mortgage Simplifier: 2.45% (2.48% comparison rate*)

Orange Advantage (Package): 2.50% (2.85% comparison rate*)

This is the third rate cut to both loans in recent months, with the latest change further cementing ING’s status among the most competitive lenders on the market in general. The rates also rank among the lowest available from a bank.

To put ING’s new rates into perspective, the average variable home loan rate in the Mozo database as of September is 3.36%.

The bank is also offering even lower fixed rates to owner-occupiers. As it currently stands, ING’s Fixed Rate Loan has a 2-year fixed rate of just 2.19% (3.79% comparison rate*) and a 3-year fixed rate of 2.34% (3.67% comparison rate*).

For more information about some of ING’s variable and fixed home loan offers, check out the mini reviews below.

Mozo may receive payment if you click products on our site. Mozo does not compare the entire market.

Important disclosures and comparison rate warning*

Important disclosures

Advertiser disclosure

Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.

We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.

'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.

'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.

We provide only general advice

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.

Comparison rate warning

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

How Initial Monthly Repayments figures are estimated

Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

Mortgage Simplifier

Variable rates from 2.45% (2.48% p.a. comparison rate*)
Zero ongoing service fee
Free extra repayments allowed

Compare 25+ lenders with our trusted partner, Lendi.

Book an appointment and enter the draw to win $30K (T&Cs apply)

I want to refinance

The ING Mortgage Simplifier lives up to its name, with competitive low variable rates from 2.45% (2.48% p.a. comparison rate*) and relatively few fees. While there is a $299 settlement fee to consider, borrowers won’t need to worry about budgeting for any other upfront fees or a yearly service fee. ING even allows borrowers to make extra repayments towards their loan (for free), and to withdraw them should the need arise via the redraw facility.

Orange Advantage

Rates from 2.50% (2.85% comparison rate*)
100% offset account
No application fee

Find out more

While the Orange Advantage home loan comes with one of the lowest variable package rates around, starting from 2.50% (2.85% comparison rate*), the loan also offers much more! Borrowers will have access to a 100% offset account, as well as extra repayments and a redraw facility, and they’ll even be able to chip away at their loan balance using ING’s roundup tool via a linked Orange Everyday bank account. And while there’s no application fee, there is a $299 settlement fee to consider, plus a $299 annual service fee.

Fixed Rate Loan

2-year fixed rate of 2.19% (3.79% comparison rate*)
Borrow from $50k - $2 million
No annual service fee

Find out more

Looking to lock in your rate? ING haven’t left fixed home loan customers wanting, with rates as low as 2.19% (3.79% comparison rate*) for 2 years with their Fixed Rate Loan, as well as competitive rates for 3, 4 and 5 year terms. There is no ongoing service fee to factor in, plus borrowers will be able to make up to $10,000 per year in extra repayments towards the loan. Just bear in mind the higher 4.10% revert rate you’ll be rolled on to at the end of the fixed rate period.

Want to see how ING’s home loan offers stack up against the competition? Head on over to Mozo’s handy home loan comparison table to compare offers from a range of different lenders side-by-side on everything from interest rates to fees and features.

^* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

^** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Tom Watson

Finance journalist

Tom Watson is a financial journalist at Mozo and co-host of the Finance Burrito podcast, specialising in fintech, property and business banking. Whether it’s reporting on banking trends or uncovering the latest product innovations, Tom’s mission is to keep our readers up to date with breaking Australian financial news. His work is often sourced in the media and across social media channels. Tom has a degree in Journalism from the University of Technology, Sydney. He is also ASIC RG146 (Tier 2) certified for general advice.